Popular Reasons to Remortgage in London
Remortgage to Find a Better Deal
When you near the end of your mortgage in London, you’ll need to start looking at what your next step will be.
We tend to find that most homeowners will look to take out a Remortgage in London, as once you are at this point, you will automatically move onto your lenders Standard Variable Rate. This is less than ideal for most people.
This is because the interest rate for an SVR is often a lot more than your initial fixed period, meaning you will have higher monthly repayments to make.
This is why many of those looking to Remortgage in London will seek mortgage advice.
Remortgage in London to Fund Home Improvements
We have worked hard over the years to provide support to various unique customers. This is especially the case when they are releasing equity from their homes to fund any home improvements.
This is often an option for homeowners who want to make a change to their home but don’t want to move. We regularly hear of things such as a home extension, a new kitchen, or a loft conversion.
If you are wondering what the potential paths you can take to release a large amount of equity for this purpose, we would recommend getting in touch.
We have a vast selection of mortgage lenders who may be able to help, though they will want to see any quotations for the potential costs.
Remortgage to Consolidate Debts
Some homeowners may look to put any unsecured debts into your mortgage. This is because doing so will allow you to merge all your outgoings into a much more manageable monthly payment. Better still, that payment will remain the same all throughout.
It is very important to remember though that this will extend your debt across the entire course of your mortgage term. By the time it has been paid off, you will have paid a lot more overall. In general, consolidating debts is a risky process and is something to heavily consider, rather than jumping in unprepared.
Bearing this in mind, we recommended that you get in touch with a Mortgage Broker in London before you look to secure any debt against your home.
You should think carefully before securing other debts against your home. By adding your unsecured debts to your mortgage, which is secured on your home, you are potentially putting your home at risk if you cannot make the required repayments.
Although the total monthly cost of servicing your debt may have reduced, the total cost of repayment may still have risen as the term of your mortgage is longer than it may have taken to repay the debts originally.
Remortgage in London to Remove a Name
If you co-own a home with a partner or friend and you are looking to take their name off the mortgage, you can do this by taking out a remortgage in London.
Even if you choose to remain with your current lender, you’ll have to go through a similar process to the first time you took out a mortgage. This is because a lender needs to have the confidence in your ability to pay back your mortgage, without backup from someone else.
For more information on the scenarios above or to better understand your Remortgage in London, feel free to get in touch and we’ll answer all of your mortgage questions.
Why choose us for your Remortgage in London?
Our hard working workforce of mortgage advisors in London will offer every customer who gets in touch, their very own free remortgage review for their remortgage in London.
We’re here for you all throughout the week, from early in the day until late at night, with appointments that are bookable at convenient times around your busy schedule, subject to availability.
Here at Londonmoneyman, we are very proud that we are able to provide our customers with a fast and friendly Mortgage Advice in London. We truly do love our jobs, ensuring customers can achieve their mortgage dreams.
To learn more about our mortgage advice service and how satisfied we leave our customers at the end of their process, please take a look at our company reviews. There are plenty of reviews from homeowners just like you, who were thrilled with the service we could provide.
Book your free remortgage review today and we’ll get your remortgage in London started, hopefully quicker and more streamlined than your initial mortgage already was. We’re here to provide you with a top tier customer experience, all throughout your process.